In Brief: Maine Governor Signs Opt-In Legislation

Gov. Angus S. King Jr. has signed legislation opting in early to interstate branching.

Under the legislation, whose branching components take effect next Jan. 1, out-of-state banks will be able to enter Maine by acquiring a bank or branch or by branching de novo into the state.

The de novo provision requires reciprocity from the other states, however. And lawmakers included a clause that if the reciprocity provision should be overturned by a court, de novo branching would be void.

The bill also lets affiliated and unaffiliated institutions take deposits for each other, and it bans branches that only collect deposits without serving the local community.